As the major cryptocurrency exchange KuCoin faces a flood of insolvency rumors, its utility token KCS is facing a downward trend.
KCS has lost 14% of its value so far this month due to adverse market conditions. Since the end of May, KCS has lost more than half of its value and is down more than 60 percent from its December 2017 record levels.
The price of KSC has decreased by 17.35% over the previous week, trading at $8.74 at the time of writing.
Certain sources claim that KuCoin was exposed to Terra’s doomed LUNA and UST cryptocurrencies as well as insolvent crypto hedge firm Three Arrows Capital.
Read Also: KuCoin Refutes ‘Insolvency and Halting Withdrawal’ Rumors
The CEO, Johnny Lyu of KuCoin however denied these speculations by tweeting, “Not sure who’s spreading these sheer rumors, and what their intentions are, but #KuCoin does not have any exposure to LUNA, 3AC, Babel, etc.”
He also added that the company reserves the right to take legal actions against those spreading unverified information.
